The company estimates that the net proceeds from the notes will be approximately HK$1.24bn and MOP298m after expenses. The company offered the notes to professional investors on Wednesday.

According to the statement, “the company intends to use approximately 90% of the net proceeds from the proposed offering for refinancing the Syndicated Credit Facilities and the balance for general corporate purposes.” The notes will be listed on Macau’s bond market MOX, and the company already received an approval letter from the market. The first interest payment date is 12 November.

SJM recently reported a HK$647m loss attributable to the owners for Q1 2021, a 58% year-on-year increase. Gambling revenue declined by 33% despite the losses brought about by the temporary shutdowns casinos still face, SJM is positive it will be able to open its Grand Lisboa Palace (pictured) in summer. The venue is said to cost approximately $5bn and will feature a gaming area as well as three hotels. The company is planning to open the first one as early as July, offering guests 300 rooms in the Grand Lisboa Palace hotel. There would also be more than 300 gaming tables available for guests.